Cipher Mining’s (CIFR) “Overweight” Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Cipher Mining (NASDAQ:CIFR) in a report issued on Tuesday, Benzinga reports. Cantor Fitzgerald currently has a $9.00 price target on the stock.

CIFR has been the subject of a number of other reports. Needham & Company LLC lifted their price target on shares of Cipher Mining from $5.00 to $7.50 and gave the stock a buy rating in a research note on Wednesday, August 14th. Canaccord Genuity Group reaffirmed a buy rating and set a $7.00 target price on shares of Cipher Mining in a research note on Thursday, August 29th. Stifel Canada raised Cipher Mining to a strong-buy rating in a research note on Tuesday, August 6th. HC Wainwright upped their price objective on Cipher Mining from $5.50 to $6.00 and gave the company a buy rating in a research report on Thursday, June 6th. Finally, Compass Point increased their target price on Cipher Mining from $7.50 to $9.00 and gave the stock a buy rating in a research note on Thursday, August 15th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Buy and an average price target of $7.42.

Cipher Mining Trading Down 2.9 %

Shares of CIFR stock opened at $2.89 on Tuesday. The company has a market cap of $895.98 million, a PE ratio of 48.00 and a beta of 2.29. Cipher Mining has a 1 year low of $2.15 and a 1 year high of $7.99. The stock’s 50 day simple moving average is $4.56 and its two-hundred day simple moving average is $4.22. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.49 and a quick ratio of 8.49.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). The company had revenue of $36.81 million for the quarter, compared to analyst estimates of $39.17 million. Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. During the same quarter in the prior year, the firm posted ($0.05) EPS. Research analysts predict that Cipher Mining will post -0.05 earnings per share for the current year.

Insider Buying and Selling at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 319,747 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $4.21, for a total value of $1,346,134.87. Following the completion of the sale, the insider now directly owns 115,790,611 shares of the company’s stock, valued at $487,478,472.31. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 3,803,507 shares of company stock valued at $18,463,085 in the last ninety days. Corporate insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Institutional investors have recently bought and sold shares of the business. Senator Investment Group LP bought a new stake in Cipher Mining during the 2nd quarter valued at $1,190,000. Algert Global LLC purchased a new stake in shares of Cipher Mining during the 2nd quarter worth $75,000. Scientech Research LLC boosted its position in Cipher Mining by 122.9% during the second quarter. Scientech Research LLC now owns 203,510 shares of the company’s stock valued at $845,000 after purchasing an additional 112,202 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Cipher Mining by 246.2% in the second quarter. The Manufacturers Life Insurance Company now owns 67,126 shares of the company’s stock valued at $279,000 after purchasing an additional 47,738 shares during the last quarter. Finally, Millennium Management LLC lifted its position in shares of Cipher Mining by 122.8% during the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after buying an additional 2,938,184 shares during the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

About Cipher Mining

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.